Business
Nigeria becomes 16th country to sign Afrexim Bank trade development fund
Nigeria has officially signed the Establishment Agreement for the Fund for Export Development in Africa (FEDA), an impactful investment platform managed by the African Export-Import Bank (Afreximbank). With this accession, Nigeria becomes the 16th nation to join the Agreement, denoting the growing interest FEDA receives from African countries.
This announcement comes three decades after Afreximbank’s started operations in Nigeria, marking an important moment and Nigeria’s unwavering dedication to bolstering both Afreximbank and FEDA’s objectives.
The Fund for Export Development in Africa, (FEDA) serves as Afreximbank’s impact investment arm, established to offer equity, quasi-equity, and debt capital. Its primary aim is to bridge the substantial funding gap, especially in equity, essential for catalyzing transformation within Africa’s trade sector, amounting to billions of dollars.
The signing of the FEDA Establishment Agreement is anticipated to facilitate its ratification in the foreseeable future, further empowering FEDA’s initiatives in Nigeria and beyond.
To boost trade development
Speaking on the development, the President and Chairman of the Board of the Afrexim bank and FEDA, Prof. Kenneth Oramah stated that the partnership will boost trade development across the continent.
He said,
- “We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters. The partnership will enhance investments in sectors critical to the development journey of Nigeria.”
Countries that have also signed FEDA’s Establishment Agreement comprise Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, the Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana, and Egypt.
Troops kill two criminals, foil kidnap attempt in Imo
Troops of Joint Task Force Operation UDO KA said it foiled an attempted kidnap of another south-easterner at Umuaka community...
Trust the police, report crimes
The Police Public Relations Office, Delta State Command, SP Bright Edafe, has called on Nigerians to report crimes to the...
Mohbad said his wife, her family were trying to kill him
Ibrahim Owodunni, aka Primeboy, an associate of late singer Ilerioluwa Oladimeji Aloba, popularly known as Mohbad, has disclosed that the...
2027: I’ll support Obi if PDP decides it’s South-East turn – Atiku
Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has stated that if, in 2027, the party decides...
Rainstorms kill seven, leave others injured
No fewer than seven people have been confirmed dead as rainstorms affect Houston, Texas, authorities announced Friday. The three new...
Senate gets Reps backing on death penalty for drug dealers
The House of Representatives has stated that it will approve the death sentence for heavy drug dealers and peddlers once...
-
Politics6 days agoWhen governors’ immunity becomes license for impunity, abuse
-
Business6 days agoAustralia to set limits on new international student enrollments for universities
-
Politics7 days agoNNPP crisis: Party’ll emerge stronger
-
Business7 days agoCanadian province says 2.3 million residents need family doctors
-
News5 days agoAsari Dokubo berates Wike for ‘playing god’ in the Rivers crisis
-
Politics7 days ago2027 will be difficult for PDP if discipline is not enforced – Jandor – Daily Trust
-
Business6 days agoUK fears a £108 billion decline to creative sector as int’l student numbers reduce
-
News5 days agoMan absconds, leaves lady after ordering N65,000 drink at strip club